Strategy

Broker Network Group has 2 primary aspects to its strategy:

It is particularly reassuring that these strategies are only part executed and the scope therefore for continued profitable growth at Broker Network is substantial.

As the first, and largest, network for independent commercial insurance brokers in the UK, Broker Network (BNL) continues to carry the torch for the sector, providing national representation for all independent brokers as well as innovative products and superb support services for Members. Growth in Member numbers and premiums written continues to be strong and Member Satisfaction is at an all-time high. This, combined with strong, mutually beneficial, relationships with insurers means the business is well-placed to retain and strengthen its number-one position in the market.

Broker Network Group's retail arm of community-based insurance brokers, Broker Network Insurance Brokers Ltd (BNIB) was formed to support Members of Broker Network who wished to retire by offering to acquire their businesses. Since then BNIB has expanded to include acquisitions from outside the Membership.

A significant development of Broker Network Insurance Brokers' strategy has been the acquisition of businesses which only became Members of the network upon acquisition. This has the double benefit of adding new premium income to Broker Network as well as additional retail broking margin.

Particularly significant has been the acquisition of TL Risk Solutions Ltd (TLRS) where a structure has been implemented which other consolidators in the insurance broking market would find difficult to implement, but which Broker Network has been able to effect because of its Membership/network structure.

The acquisition of firms who are not currently Members but whose profile fits our Membership criteria will continue to be a feature of Broker Network's strategy going forward. This enhances the development potential of the business significantly.